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Protein Design Labs Posts 74% Revenue Jump in Q3; Expects Breakeven in End 01

NEW YORK, Nov. 2 - Protein Design Labs has reported a narrower-than-expected third-quarter loss on a 74 percent spike in revenues, the company said.

The company, which develops humanized monoclonal antibodies, posted a net loss for the period ended Sept. 30 of $1.8 million, or 2 cents per basic and diluted share, compared with net loss of $5.1 million, or 6 cents per share, in 2000.

A consensus estimate of Wall Street analysts polled by Thomson Financial/First Call expected a loss of 5 cents per share.

Third-quarter revenues rose 74 percent to $16.7 million from $9.6 million in the same quarter 2000. Total costs and expenses were $18.4 million, compared with $14.7 million one year earlier.

Looking ahead, the Fremont, Calif.-based company said on Thursday that it expects to approach break-even or slightly positive results by the end of the year, despite costs and expenses rising by between 20 percent to 25 percent.

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